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Gherkin Owner Seeks Debt Restructuring

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Oh dear..


IVG will apply for a Schutzschirmverfahren, whereby the courts will oversee the restructuring of its €3.2bn (£2.7bn) of debt.

IVG owns around €5bn of office buildings in Europe, including a fund with a 50 per cent stake in London's Gherkin tower. It was once Germany's biggest property company, but suffered badly at the hands of the financial crisis.

Shares in IVG, which have lost 96 per cent of their value this year, were down around 4.8 per cent from the previous close to €0.08 at the time of writing. Today's losses peaked at around 20 per cent down to €0.06 after returning to trading following a brief suspension.

Just doesn't seem to be any end to all this debt. Debt, debt everywhere.

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Big buildings in bubble times! Oh dear! :blink:

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Always seems gloomy and underlit whenever Jeff Randall does his live spot on Sky. Not sure how much of that's down to Jeff though.

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Debt is where it is at isn't it. You borrow vast sums and no doubt you take a few million for yourself... and all the banksters and inbetweeners take their cut.... and everyone gets rich and has big houses, etc, and then the debt is still left somewhere.

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From the original article link

Chief executive Wolfgang Schaefers said:
Despite weeks of intensive mediations and negotiation efforts on the part of IVG, the individual creditor groups were unfortunately unable to agree on a consensual solution taking into account all stakeholder interests.

Don't be concerned SpewLabour, some other landlord will take their place.

This seems to be Wolfgang was happy about something earlier in the year. Probably a top 50 award for "Companies trying to own/run everything they can get their hands on for debt to acquire, whilst paying older execs top wages, perks and bonuses."


Wolfgang Schäfers, Sprecher des Vorstands der IVG Immobilien AG

Wolfgang Schäfer, CEO of IVG Immobilien AG

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What is the occupancy rate like?

It appears to be full. But a large chunk is occupied by Swiss Re (at least 12 floors) - I don't know if they have a special rate as they used to own the whole building before they flogged it in 2007.

Mind you, the shape doesn't help - floor 16 has almost as much floor space available as floors 32, 33 and 34 put together.

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